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Showing 181 to 200 of 242 Records
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1993 (4) TMI 62 - GAUHATI HIGH COURT
Speculation Loss, Speculative Transactions ... ... ... ... ..... herwise than by actual delivery. The argument put forward by the assessee was that delivery did not take place on the dates of the original contracts but subsequently. As a prudent person, if delivery took place subsequently, she would have taken precautions to obtain necessary documents in proof of delivery. The assessee also failed to produce materials suggesting actual delivery. In the circumstances, there would be nothing wrong in coming to the conclusion that the transactions were completed otherwise than by actual delivery or transfer. That being so, the transactions must be considered speculative transactions as defined under section 43(5) of the Act. The question referred is answered in the affirmative, that is, in favour of the Revenue and against the assessee. The reference is answered accordingly. A copy of the judgment under the signature of the Registrar and seal of the High Court shall be transmitted to the Appellate Tribunal. There is no direction as to costs.
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1993 (4) TMI 61 - PATNA HIGH COURT
Calendering Process, Grey Cloth, New Industrial Undertaking, Special Deduction ... ... ... ... ..... 86, 89, it has been reiterated that . . . . The broad test for determining whether a process is a manufacturing process, is whether it brings out a complete transformation of the old components so as to produce commercially different article or commodity. In the case of CIT v. Hindusthan Metal Refining Works (P.) Ltd. 1981 128 ITR 472 (Cal), while, dealing with a question similar to the present one, it has been held by Sabyasachi Mukharji J., that galvanizing of metal sheets does not involve manufacturing since. (at page 476) this does not bring into existence different article or an article commonly known to the people differently who deal with it before it was galvanised . In my opinion, the process of galvanizing of metal sheets and calendering of grey cloth are undertaken for the same intent and purpose and can be said to be similar since neither of the two activities result in bringing into existence a new commodity which can be said to be different from its components.
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1993 (4) TMI 60 - JAMMU AND KASHMIR HIGH COURT
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... ... ..... properly, if any question of incidental or ancillary power arises such as giving an opportunity or restoring a reference dismissed without hearing or giving some additional time to file the paper book, such powers inhere to the jurisdiction conferred upon it. But such incidental powers cannot be so construed as to confer the power of stay of recovery of taxes pending a reference which lie in the domain of an appellate authority. Therefore, the concept of granting stay in a reference ex debito justitiae does not arise. That concept might arise in the case of the appellate authority exercising its power to grant stay where there is no express provision. In the premises, we have no option, but to hold that the High Court has no power or competence to grant any stay or pass any interim injunction while dealing with a reference under section 256. Consequently, the stay order dated November 24, 1992, passed by this court is vacated and the civil miscellaneous petition disposed of.
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1993 (4) TMI 59 - CALCUTTA HIGH COURT
Business, Business Income ... ... ... ... ..... ough used exclusively for manufacturing tea, also gets sliced down to 40 per cent. by the operation of the said rule 8(1). It is illogical to say that the same rule of apportionment shall not apply to the fictional profit arising under the circumstances described under section 41(2). The fiction is that the capital profit under section 41(2) is to be treated as profit of the pre-existing business of growing and manufacturing tea. The contention of the Revenue, if accepted, would land us in the fallacy of assuming that the sale of the depreciable assets constitutes by itself a business, distinct and different from the business of growing and manufacturing tea. That would be tantamount to superadding to the fiction a further fiction totally inconsistent with the former one provided by law. For the reasons aforesaid, we answer the question in the affirmative and in favour of the assessee and against the Revenue. There will be no order as to costs. NURE ALAM CHOWDHURY J.-I agree.
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1993 (4) TMI 58 - BOMBAY HIGH COURT
Depreciation, New Industrial Undertaking, Plant ... ... ... ... ..... from the order of the Tribunal that the Tribunal has held fans as plant . In this view of the matter, the assessee would be entitled to depreciation thereon. Under the circumstances, we answer this question also in the affirmative that is in favour of the assessee and against the Revenue. As regards the issue raised in question No. 3, the same is covered by the decision of this court in CIT v. Alcock Ashdown and Co. Ltd. 1979 119 ITR 164 in favour of the assessee. Following the aforesaid decision, this question is also answered in the affirmative, that is, in favour of the assessee and against the Revenue. As regards the last question referred to us at the instance of the Revenue, the same is covered by the decision of the Supreme Court in Lohia Machines Ltd. v. Union of India 1985 152 ITR 308 in favour of the Revenue. Following the aforesaid decision, we answer this question in the affirmative that is in favour of the Revenue and against the assessee. No order as to costs.
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1993 (4) TMI 57 - BOMBAY HIGH COURT
Appeal To AAC, Capital Gains, Non-resident ... ... ... ... ..... ount received by him in U. S. dollars should be converted into Indian rupees by the application of rule 115 of the Income-tax Rules and the amount so arrived at should be treated as its income. Repelling the contention of the assessee, this court held that the income having accrued to the assessee in terms of Indian rupees, rule 115 had no application. The question of conversion arises only in cases where the income is expressed in foreign currency. The ratio of the above decision fully applies to the present case. In the light of the foregoing discussion, we answer the first question referred to us in the affirmative, that is, in favour of the Revenue and against the assessee. We also answer the second question in the negative, that is, in favour of the Revenue and against the assessee. We have already answered the third question in favour of the assessee. This reference is disposed of accordingly. Under the facts and circumstances of the case, we make no order as to costs.
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1993 (4) TMI 56 - BOMBAY HIGH COURT
Deduction From Income From Other Sources, Income From Other Sources, Motive, Purpose ... ... ... ... ..... e same. For the reasons stated above, we do not find any merit in the writ petition and the same is, therefore, dismissed at the admission stage itself. Learned counsel for the petitioner submits that the taking over of possession of the premises by the appropriate authorities may be stayed for some time. Considering the prayer, we direct that the possession of the shop premises shall not be taken over for six weeks from today on condition that the petitioner shall not part with the possession of the said premises or in any manner dispose of the same or create any third party right in respect of the said property. Certified copy be expedited. Counsel for the parties agree that in view of the time granted to the petitioner, the date of payment of consideration to the petitioner in pursuance of the impugned order may also be extended to a date two weeks after the expiry of the above period of six weeks. By consent of the parties, it is ordered accordingly. No order as to costs.
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1993 (4) TMI 55 - BOMBAY HIGH COURT
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... ... ..... of the claim of the assessee was erroneous and that the expenditure was not revenue expenditure but an expenditure of capital nature. He simply asked the Income-tax Officer to re-examine the matter. That, in our opinion, is not permissible. Further inquiry and/or fresh determination can be directed by the Commissioner only after coming to the conclusion that the earlier finding of the Income-tax Officer was erroneous and prejudicial to the interests of the Revenue. Without doing so, he does not get the power to set aside the assessment. In the instant case, the Commissioner did so and it is for that reason that the Tribunal did not approve his action and set aside his order. We do not find any infirmity in the above conclusion of the Tribunal. In the light of the foregoing discussion, we answer the question referred to us in the affirmative, that is, in favour of the assessee and against the Revenue. Under the facts and circumstances of the case, we make no order as to costs.
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1993 (4) TMI 54 - BOMBAY HIGH COURT
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... ... ..... t also by the Inspecting Assistant Commissioner while deciding the question of levy of penalty and by the Tribunal while deciding the appeal against the levy of penalty. The Inspecting Assistant Commissioner arrived at an independent finding that the Explanation to section 271(1)(c) was attracted and the assessee failed to rebut the presumption raised by the Explanation. On the other hand, the Tribunal found the explanation of the assessee to be false . In the face, of such a finding of fact, it was not open to the Tribunal to set aside the penalty. In view of the foregoing discussion, we are of the clear opinion that on the facts and in the circumstances of the case, the Tribunal was not justified in cancelling the penalties imposed by the Inspecting Assistant Commissioner. Accordingly, we answer the question referred to us in the negative, that is, in favour of the Revenue and against the assessee. Under the facts and circumstances of the case, we make no order as to costs.
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1993 (4) TMI 53 - JAMMU AND KASHMIR HIGH COURT
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... ... ..... rson named in the notice is not available, service may be made on any male member of the family of the person named in the notice and/or (6) by substituted means in terms of Order V, rule 20, Civil Procedure Code. In the instant case, it is established that the notice served upon Shri Som Nath on March 31, 1979, intimating him the date fixed on the same day and the coercive orders of addition in the return filed by the assessee, were passed on the same day. Shri Som Nath was not a duly authorised agent of the assessee for the purposes of accepting service of the notice and no time was given to the said Som Nath even to intimate the service of the so called notice upon the assessee. No adverse orders could be passed against the assessee on the basis of the notice allegedly served upon the said Som Nath. The Appellate Tribunal was, therefore, not justified in dismissing the appeal of the assessee. For the reasons detailed hereinabove, the reference is answered in the negative.
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1993 (4) TMI 52 - GAUHATI HIGH COURT
Income From Undisclosed Sources ... ... ... ... ..... te authority and the Tribunal were not justified in holding that the investment of Rs. 54,000 representing the price of 2,013 bags of potatoes was from the amount disclosed under the Disclosure Act. The first part of the question is answered in the negative, i.e., in favour of the Revenue and against the assessee. The second part of the question is whether the decision of the Tribunal is against section 9 of the Disclosure Act. Learned counsel for the assessee clarified that the assessee did not put forward any claim for relief under section 8 of the Disclosure Act and, therefore, the bar under section 9 of the Act is not attracted. In view of this submission and in view of our answer in regard to the first part of the question, We hold that the second part of the question does not arise for consideration. A copy of the judgment under the signature of the Registrar and the seal of the High Court be transmitted to the Appellate Tribunal, Gauhati. There is no order as to costs.
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1993 (4) TMI 51 - PUNJAB AND HARYANA HIGH COURT
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... ... ..... To my mind, the order is a non-speaking one and respondent No. 2 was required to pass a speaking order after affording an opportunity to the petitioner. This is what has been held in the above-noted authority cited by learned counsel for the petitioner. For the foregoing reasons, this writ petition is allowed and the order dated November 20, 1992 (annexure P-3), is set aside. The Income-tax Officer, Ward No. 3 (respondent No. 2), is directed to decide the matter afresh after affording an opportunity of hearing to the petitioner and by passing a speaking order. He is further directed to dispose of the application on or before May 31, 1993. The petitioner is directed to appear before the Income-tax Officer, Ward No. 3 (respondent No. 2), on April 23, 1993, to get further directions in the matter. The recovery of the assessed tax shall remain stayed till the matter is decided by respondent No. 2. Copy of this order be given to the parties on payment. I make no order as to costs.
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1993 (4) TMI 50 - PUNJAB AND HARYANA HIGH COURT
Complaint Filed U/S 276C And 277, Offences And Prosecution ... ... ... ... ..... 86 (R. I. Chadha v. ITO 1987 168 ITR 591) decided by this court on May 12, 1987, on which reliance has been placed, I. S. Tiwana J., was dealing with a different situation. Therein, a complaint had been filed, but subsequent to the passing of the order by the Commission allowing the application to be proceeded with, The learned judge held that, since the Commission was to exercise all powers vested in the Income-tax authority under section 245F, it was only the Commission which could order the launching of prosecution. The ratio of this decision Is not attracted to the facts of the present case. I, thus, conclude that mere allowing of the proceeding of the application by the Settlement Commission does not operate as a bar to the prosecution already instituted under the orders of the Commissioner. No case is made herein for quashing of the impugned complaint or the orders passed by the learned Chief judicial Magistrate, Ludhiana. The criminal miscellaneous is hereby dismissed.
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1993 (4) TMI 49 - PATNA HIGH COURT
Business, Income ... ... ... ... ..... ted principles. In my opinion, this case cannot be said to have any direct bearing or relevance to the question involved in the present case. Rather, the question referred is directly covered by the principles laid down by the Supreme Court in Chowringhee Sales Bureau P. Ltd. s case 1973 87 ITR 542, where their Lordships have held that the amount of sales tax received should be held to form part of the assessee s trading or business receipts and he will be entitled to claim deduction of the amount as and when he pays it to the State Government. For the aforesaid reasons, I am of the considered opinion that the sum of Rs. 1,50,993 represented trading receipts of the assessee during the assessment year in question and was thus liable to be included in the total income. There will be no order as to costs. Let a copy of this order be sent to the Income-tax Appellate Tribunal, Patna Bench, for giving effect as required under section 260 of the Act. S. K. CHATTOPADHYAYA J.-I agree.
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1993 (4) TMI 48 - GAUHATI HIGH COURT
Cash Credits, Reference ... ... ... ... ..... ctory evidence. We find that every one of these circumstances has been considered by the Commissioner (Appeals) who arrived at a quite divergent conclusion. The Appellate Tribunal agreed with the conclusion arrived at by the Commissioner (Appeals). We are concerned in this case with the justifiability of the conclusion of the Appellate Tribunal which merely agreed with the finding of the appellate authority. Having regard to the facts and circumstances of the case, it cannot be said that the conclusion arrived at by the appellate authority is devoid of reason or is unsupported by materials. In these circumstances, we find no ground to hold that the view taken by the Appellate Tribunal is not justified. We answer the two questions in the affirmative, that is, in favour of the assessee and against the Revenue. A copy of this judgment under the signature of the Registrar and seal of the High Court be transmitted to the Appellate Tribunal. There will be no direction as to costs.
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1993 (4) TMI 47 - GAUHATI HIGH COURT
Closely Held Company, Company, Dividends, Income Tax On Undistributed Income ... ... ... ... ..... cles of association gives rise to no enforceable obligation against the company, because the resolution is always capable of being rescinded. Going by the principles laid down above, it cannot be said that dividend was distributed in this case at any time prior to the date of the annual general meeting which took place beyond 12 months immediately following the expiry of the previous year. It must, therefore, follow that income-tax was leviable on the distributable income as there was no amount of dividend distributed to be reduced. The Tribunal was justified in holding that the decision of the board of directors was only a proposal and the declaration was made by the annual general meeting. The two questions referred are answered in the affirmative, that is, in favour of the Revenue and against the assessee. A copy of this judgment under the signature of the Registrar and seal of the High Court be transmitted to the Appellate Tribunal. There will be no direction as to costs.
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1993 (4) TMI 46 - ANDHRA PRADESH HIGH COURT
Appeal To Tribunal, Income, Interest, Precedents ... ... ... ... ..... allow the assessee to raise a new ground as to the legality of levy of tax on capital gains, the Tribunal could not have gone into that question and granted relief to the assessee. The logical corollary of answering the first question against the assessee is that the second question cannot be gone into by the Tribunal or by this court. We, therefore, decline to answer the second question. The third question is about the taxability of interest received on the enhanced compensation during the assessment year 1970-71. The Division Bench while referring the matter to the Full Bench on the other two questions, has already answered this question in favour of the assessee following the judgment in Sankari Manickyamma 1976 105 ITR 172 (AP). The correctness of this conclusion is not questioned before us. We, there fore, reaffirm the opinion of the Division Bench on this question. The reference case is accordingly disposed of. In the circumstances, there will be no order as to costs.
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1993 (4) TMI 45 - PATNA HIGH COURT
Estate Duty, HUF ... ... ... ... ..... conferring special rights which are not relevant for the present purpose. Therefore, even immediately before the death of the deceased, no partition was permissible between the deceased and his wife. Ginni Devi. It is well settled that, in a case like the present one, neither the wife can have any share nor could she sue for any share and, therefore, on the death of the sole surviving coparcener of a Hindu undivided family, the entire interest in the Hindu undivided family property passes to his heir. ( Smt. Rajni Bhargava v. CED 1991 190 ITR 521 (All) and CED v. Smt. Kalawati Devi 1980 125 ITR 762 (All)). In the result, questions Nos. 1 and 2 are answered in the negative and question No. 3 is answered in the affirmative and thereby all the questions are answered in favour of the Department. However, there shall be no order as to costs. Let a copy of this judgment be sent to the Income-tax Appellate Tribunal for passing a consequential order. S. K. CHATTOPADHYAYA J.-I agree.
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1993 (4) TMI 44 - PATNA HIGH COURT
Capital Gains, Cost Of Acquisition Of Capital Asset, HUF ... ... ... ... ..... taken into account. Upon a plain reading of sections 45, 48 and 49 of the Income-tax Act, 1961, we take the view that the cost of acquisition of the shares by the Hindu undivided family in the instant case must be taken to be nil. I am in respectful agreement with the reasons and conclusions arrived at by the Bombay High Court. Therefore, I am refraining from repeating the reasons for the sake of brevity. Accordingly, in my opinion, the Tribunal was not justified in deter mining the cost of shares at the market rate on December 31, 1969, and it ought to have taken the same as nil. Though it is not necessary since the Legislature itself has so mandated, still as prayed for by Mr. Jain for the assessee, we are observing that at the stage of passing of the order under section 260 of the Act, it will be open to the assessee to make such submissions as may be available to him keeping in view the opinion on the question referred to above. No costs. S. K. CHATTOPADHYAYA J.-I agree.
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1993 (4) TMI 43 - DELHI HIGH COURT
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... ... ..... d he having taken no objection to the payment of sale consideration to respondent No. 5, we see no justification for the attempt on the part of the petitioner to challenge the pre-emptive purchase by means of the present writ petition, especially when the petitioner has received and accepted the refund of advance payment of the sale consideration. In view of the facts and circumstances of the case, we are not inclined to interfere with the pre-emptive purchase order and accordingly decline the prayer of the petitioner in this behalf. In so far as the eviction order dated December 30, 1991, asking the petitioner to hand over possession of the property is concerned, the matter is remanded to the appropriate authority with the direction to afford an opportunity to the petitioner to file objections to the quit order and decide the same after hearing the petitioner in person or through counsel. The petitioner will appear before the appropriate authority on May 6, 1993, at 11 a.m.
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